Debts and Other Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debts and Other Liabilities | Note 10 - Debts and Other Liabilities
The Company received $750,000 in proceeds from several creditors, including $150,000 from related parties in the form of unsecured promissory notes. Under the terms of the unsecured promissory notes, the principal shall be due and payable on the earlier to occur of (i) the 9-month anniversary of the first advance under each promissory note; or (ii) the completion of an initial public offering by payee (“Maturity Date”), and the promissory note shall bear interest at a monthly rate of 1% based upon the amount outstanding as of any calculation date. Interest shall be payable monthly commencing on the 15th day of each calendar month following the date funds are first advanced. The maturity dates on these promissory notes were extended to March 31, 2021. The noteholders agreed to defer the repayment of the principal balance until the completion of an initial public offering and subsequently agreed to defer the repayment until demanded or paid.
On May 31, 2026, the Company entered into an exchange agreement with Strategic Education Loan Fund, LLC (“SELF”), the holder of an unsecured promissory note issued on November 12, 2019 in the principal amount of $500,000. Under the exchange agreement, SELF exchanged the note for shares of the Company’s common stock and irrevocably waived all interest and other amounts accrued under the note through the date of the agreement. The exchange closed on May 31, 2026, at which time the note was cancelled and all of SELF’s rights under the note were extinguished. The shares were issued in reliance on the exemptions from registration provided by Section 3(a)(9) and/or Section 4(a)(2) of the Securities Act of 1933, as amended, and are subject to transfer restrictions that expire on May 31, 2027 and terminate earlier upon a change in control of the Company.
Concurrently with the exchange, the Company engaged SELF as a consultant under a four-year consulting agreement and granted SELF an option to purchase shares of common stock. See Note 15 – Share-Based Compensation Plans.
The Company accounted for the exchange as an extinguishment of debt. The consideration used to extinguish the debt consists of the following:
In January 2023, the Company entered into an equipment loan for $30,744. The note accrues interest at a rate of 6.0% per annum and requires 48 equal monthly payments. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $4,498 and $13,015, respectively.
In August 2023, the Company entered into an equipment loan for $35,580. The note accrues interest at a rate of 10.14% per annum and requires 48 equal monthly payments. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $10,741 and $19,660, respectively.
In November 2023, the Company entered into an equipment loan for $14,610. The note accrues interest at a rate of 10.72% per annum and requires 48 equal monthly payments. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $5,575 and $9,265, respectively.
In December 2023, the Company entered into an equipment loan for $11,920. The note accrues interest at a rate of 13.53% per annum and requires 36 equal monthly payments. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $1,935 and $6,160, respectively.
In February 2024, the Company entered into an equipment loan for $35,612. The note accrues interest at a rate of 8% per annum and requires 36 equal monthly payments. The first payment was on April 1, 2024. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $9,714 and $21,795, respectively.
In June 2024, the Company entered into an equipment loan for $48,966. The note accrues interest at a rate of 11.16% per annum and requires 48 equal monthly payments. The first payment was on June 1, 2024. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $26,161 and $37,752, respectively.
In July 2024, the Company entered into an equipment loan for $39,189. The note accrues interest at a rate of 11.15% per annum and requires 48 equal monthly payments. The first payment was on July 1, 2024. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $21,752 and $30,946, respectively.
In June 2025, the Company entered into an equipment loan for $528,176. The note accrues interest at a rate of 9.392% per annum and requires 48 equal monthly payments. The first payment was on June 26, 2025. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note was $0 and $515,029, respectively.
As part of the acquisition described in Note 3, Antioch issued the seller of CCMCC a promissory note in the principal amount of $400,000. Under the terms of the note, interest shall accrue at 6% and shall be repaid in twelve equal monthly payments of principal and interest. As of June 30, 2026 and June 30, 2025, the principal balance of the promissory note of $0 and $202,992, respectively, is presented as a current liability on the accompanying consolidated balance sheet.
Future maturities over the remaining term of total debt for (1) to (3) are as follows:
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